Rupee trades flat at 68.93/$; Bond yield drops

The yield on the 10-year government bond was at 6.44% compared to Friday's close of 6.524%.

Jul 29, 2019 04:07 IST India Infoline News Service

Indian Rupee
The Indian rupee opened lower on Monday at 68.90 against US Dollar in the morning trade. On the economy front, the next meeting of the monetary policy committee will be held from 6-7 August. Currently, the local unit is trading at 68.93/$.

The yield on the 10-year government bond was at 6.44% compared to Friday's close of 6.524%. The bond yield dropped after FM Nirmala Sitharaman said a rate cut will help the economy and the government is reviewing the proposal to issue any sovereign debt overseas.

On the international front, US Federal Reserve Meet on July 30-31 and is expected to cut interest rates by a quarter percentage point.

Further, oil prices fell after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East. Brent crude futures were down 0.39% at $63.12/barrel. West Texas Intermediate crude (WTI) was down 0.25% at $56.06/barrel.

The rupee on Friday ended 15 paise higher at 68.89 against the US dollar.

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